First-Time Buyers · Speed & Process
The First-Time Buyers 100.
Speed & Process
Focus: Timelines, applications, and the legal process.
How do I improve my credit score for a mortgage?
TL;DR
Learn how to improve your credit score specifically when preparing for a mortgage application in the UK. We cover registering on the electoral roll, reducing debt, and managing existing credit effectively.
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What schemes are available for first-time buyers in the UK?
TL;DR
Explore the key UK government schemes designed for first-time buyers, including Lifetime ISAs, Shared Ownership, and the Mortgage Guarantee Scheme. Understand eligibility and how they work.
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How does the Help to Buy scheme work?
TL;DR
Learn exactly how the UK Help to Buy Equity Loan scheme worked, who qualified, and what the key steps were. Understand the timeline for repayments and how it impacts moving house.
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Should I request the property be taken off the market once my offer is accepted?
TL;DR
If your offer is accepted in the UK, you should request the seller take the property off the market immediately to mitigate gazumping risk during conveyancing. Learn the risks and process.
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What is the cost of conveyancing?
TL;DR
Understand the total costs involved in UK conveyancing, including solicitor fees, disbursements, and stamp duty. Get a clear breakdown of typical ranges for buying and selling property.
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Are the appliances included in the sale?
TL;DR
Buying or selling a home in the UK? Discover whether kitchen appliances are included in the property sale. Understand fixtures vs. chattels, what the law says, and how to negotiate items.
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What direction does the garden face (sunlight concerns)?
TL;DR
Understanding what direction your garden faces is crucial for UK property valuation and enjoyment. Learn how south, north, east, and west orientations impact sunlight.
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Is broadband and mobile connectivity reliable in the area?
TL;DR
Need to know if broadband and mobile connectivity is reliable in the area before buying property? Learn how to check coverage, understand fibre options, and assess reliability across the UK.
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How do I decide how much to offer?
TL;DR
Deciding how much to offer on a property requires research into market value, comparable sales, and your financial limits. Learn expert strategies for making competitive offers in the UK property market.
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Should I negotiate the asking price?
TL;DR
Learn expert strategies for negotiating property asking prices in the UK. Discover when and how much to offer, and understand the financial implications of successful negotiation.
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How much deposit will I need?
TL;DR
Understanding property deposits in the UK is crucial. Learn what factors determine the size of your deposit, typical percentages required for mortgages, and how to save effectively.
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Do I need to pay a holding deposit?
TL;DR
Understanding UK holding deposits is crucial when renting property. Find out if you need to pay one, how much it can be, and the key rules around getting your money back under the Tenant Fees Act.
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What happens to my offer if another buyer bids higher?
TL;DR
If your property offer is outbid, understanding the process is key. Learn about gazumping, sealed bids, negotiation tactics, and protecting your position as a buyer in the UK property market.
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How do I choose a solicitor or conveyancer?
TL;DR
Choosing the right solicitor or conveyancer is vital for a smooth property transaction. Learn how to compare quotes, check credentials, assess service quality, and understand fee structures in the UK.
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How can I ensure my utilities are set up before moving in?
TL;DR
Moving house successfully requires preparation. Learn exactly how can I ensure my utilities are set up before moving in? This helpful UK guide covers all essential steps for gas, electric, water, and broadband connections.
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When do I pay the deposit?
TL;DR
The property deposit is paid in two stages: initial reservation and exchange of contracts. Learn exactly when these payments are due, how much they typically are, and the risks involved if you pull out.
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What is included in a property survey?
TL;DR
Understanding what is included in a property survey is crucial when buying a home in the UK. Learn about the different types—from Condition Reports to Building Surveys—and what defects each covers.
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What’s the difference between a HomeBuyer’s Report and a full structural survey?
TL;DR
Comparing a RICS HomeBuyer’s Report and a Building Survey (full structural survey) is vital when buying UK property. Learn the key differences in coverage, cost, and suitability for your home purchase.
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How do I handle property searches (local authority, environmental, etc.)?
TL;DR
Learn how property searches, including local authority and environmental checks, are handled during UK conveyancing. Understand the types of searches and why they are vital for due diligence.
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What happens on completion day?
TL;DR
Completion day is the exciting finale of buying or selling a UK property. Learn step-by-step exactly what happens on completion day, from transferring funds to getting the keys.
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Do I need professional removal services?
TL;DR
Deciding whether to hire professional removal services depends on budget, property size, and complexity. We break down the costs, benefits, and risks of DIY vs. hiring experts for your UK move.
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How do I secure my property after moving in (locks, alarm systems)?
TL;DR
Moving into a new home? Learn the essential steps for securing your property, from upgrading locks and implementing compliant alarm systems to general maintenance and security best practices in the UK.
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When should I consider remortgaging?
TL;DR
Considering a remortgage? Learn when you should consider remortgaging your home, including reaching the end of your fixed term, seeking better rates, or releasing equity. (159 chars)
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What’s the best way to increase the value of my property?
TL;DR
Discover the best ways to increase your property's value in the UK. We cover extensions, loft conversions, renovations, and essential financing considerations.
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Are there tax implications of owning a property?
TL;DR
Owning property in the UK brings various tax duties, including Stamp Duty Land Tax, Council Tax, and potential Capital Gains Tax (CGT). Learn how UK property ownership affects your annual tax bill and future liabilities.
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What is my current financial situation, including income, expenses, and savings?
TL;DR
Learn how to assess what is my current financial situation, including income, expenses, and savings, using practical UK tools. Understand budgeting, debt management, and building financial resilience.
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What is my credit score, and how does it impact my borrowing options?
TL;DR
Understand your credit score, how it's calculated by UK agencies like Experian and Equifax, and the direct link between a good score and accessing better UK borrowing options.
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Do I have any other significant debts, and how are they being managed?
TL;DR
Understanding your significant debts is crucial for financial health. Learn how to identify all your liabilities, assess current management strategies, and improve your overall debt profile in the UK.
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What’s the best way to budget for furnishings and decorations?
TL;DR
Discover the best strategies to budget for your home furnishings and decorations. Learn how to plan, prioritise needs vs wants, and allocate funds effectively before you shop.
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How can I ensure the property remains well-maintained?
TL;DR
Learn practical steps and schedules to ensure your UK property remains well-maintained. Regular inspections, proactive repairs, and budgeting are crucial for long-term value.
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Should I overpay my mortgage from the start?
TL;DR
Considering overpaying your mortgage early? Find out if starting overpayments immediately is the best financial decision, weighing up the benefits against flexibility and savings options.
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How do I find a reliable tradesperson for repairs?
TL;DR
Need property repairs? Learn how to find a reliable tradesperson in the UK. We cover vetting methods, checking certifications, understanding quotes, and securing fair contracts to protect your investment.
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How can I get involved in my local community to make my house feel like home?
TL;DR
Moving to a new house is exciting, but integrating into the local area helps make it feel like home. Learn practical, actionable ways to connect with your neighbours and community.
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Are there additional costs related to Help to Buy when selling, such as fees or valuations?
TL;DR
Selling a Help to Buy property involves mandatory costs, including valuation and administrative fees payable to the scheme administrator. Learn about all potential expenses.
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Can I use savings or investments to pay off the equity loan?
TL;DR
Yes, you can use existing savings or cash investments to pay off your UK equity loan, but you must consider tax implications and the fluctuating value of your property.
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What are the administrative steps for paying off the equity loan?
TL;DR
Learn what are the administrative steps for paying off the equity loan. We detail the required RICS valuation, obtaining a redemption statement, instructing solicitors, and completing the payment process accurately in the UK.
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Promise Money is a broker not a lender. Therefore we offer lenders representing the whole of market for mortgages, secured loans, bridging finance, commercial mortgages and development finance. These loans are secured on property and subject to the borrowers status. We may receive commissions that will vary depending on the lender, product, or other permissable factors. The nature of any commission will be confirmed to you before you proceed.
More than 50% of borrowers receive offers better than our representative examples
The %APR rate you will be offered is dependent on your personal circumstances.
Mortgages and Remortgages
Representative example
Borrow £270,000 over 300 months at 7.1% APRC representative at a fixed rate of 4.79% for 60 months at £1,539.39 per month and thereafter 240 instalments of £2050.55 at 8.49% or the lender’s current variable rate at the time. The total charge for credit is £317,807.66 which includes £2,500 advice / processing fees and £125 application fee. Total repayable £587,807.66
Secured / Second Charge Loans
Representative example
Borrow £62,000 over 180 months at 9.9% APRC representative at a fixed rate of 7.85% for 60 months at £622.09 per month and thereafter 120 instalments of £667.54 at 9.49% or the lender’s current variable rate at the time. The total charge for credit is £55,730.20 which includes £2,660 advice / processing fees and £125 application fee. Total repayable £117,730.20
Unsecured Loans
Representative example
Annual Interest Rate (fixed) is 49.7% p.a. with a Representative 49.7% APR, based on borrowing £5,000 and repaying this over 36 monthly repayments. Monthly repayment is £243.57 with a total amount repayable of £8,768.52 which includes the total interest repayable of £3,768.52.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME
REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Promise Money is a trading style of Promise Solutions Ltd – Company number 04822774Promise Solutions, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG
Authorised and regulated by the Financial Conduct Authority – Number 681423The Financial Conduct Authority does not regulate some forms of commercial / buy-to-let mortgages
Website www.promisemoney.co.uk